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We employ machine learning to develop measures of residential real estate uniqueness from written advertisements. These measures are exogenous from sale prices. We distinguish the effect of market uniqueness (comparing houses for sale at the same time) from the effect of universal uniqueness (comparing houses in the same sub-market) on sale prices and time on the market (TOM). The hedonic models show that a one-standard-deviation increase in market uniqueness leads to a 13% ($48,490) increase in sale prices at the cost of delaying the transaction for 1.7 days, whereas a one-standard-deviation increase in universal uniqueness leads to only an 11% ($41,030) increase in sale prices at the cost of delaying the transaction for 3 days. We validated the impact of uniqueness on TOM using two hazard models. Our results highlight the importance of uniqueness and market timing in real estate.

The Odd One Out? The Impact of Property Uniqueness on Selling Time and Selling Price